The receivership began yesterday, according to the Companies Office website.

McCloy said the company's underlying business was good, but it had been carrying too much debt.

Asked how much Te Kauwhata Transport owed, McCloy said: "We're still working through that - we don't have those figures sorry."

He said the company employed around 100 staff.

Negotiations were taking place to sell the business as a going concern, McCloy said.

Pasley could not be reached for comment.

According to its website, Te Kauwhata Transport, which was founded by Pasley in 1982, operates 60 curtain-sided trucks in the "golden triangle" region of Auckland, the Bay of Plenty and Waikato.

Its customers include The Warehouse, brewing giant Lion, DB Breweries, building products firm Gib and Plumbing World, the website says.

The transport firm is owned by Robbie Pasley and Whangaparoa-based David Pasley and Patricia Wardill, according to the Companies Office.

An earlier version of this article incorrectly indicated that Te Kauwhata was part owned by Richard Longbottom. He is not an owner and never has been. His trustee company is an independent trustee for the family trust which owns the majority of shares in the company.